Politics
Oil prices surge after US ends ceasefire with Iran and renews strikes
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Oil prices surge after US ends ceasefire with Iran and renews strikes
Oil prices jumped over 5% in the first trading session of the week after the collapse of the US-Iran ceasefire and renewed military strikes.
- Trump announced the end of the ceasefire with Iran during the NATO summit in Ankara, according to multiple reports.
- The US military launched strikes against Iran on July 7 to undermine its ability to disrupt navigation through the Strait of Hormuz, CENTCOM said.
- Oil prices rose sharply: West Texas Intermediate reached $74.76 and Brent crude neared $80 per barrel.
- OPEC+ announced a production increase of 188,000 barrels per day starting August 2026.
Latest developments
- Trump announced a naval blockade on Iran and a 20% protection fee on all goods transiting the Strait of Hormuz.
- Iran's military warned that any cooperation with Washington would be considered an act of war.
- The US airstrikes were in retaliation for drone attacks on commercial vessels, according to CENTCOM.
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